Cost Management Internal Assessment Evaluation Subject Code - 801311 Section - 1 Assignment Last date of the assignment 4/7/2022 Submit through Moodle with MS Word format or Excel (10 Marks) B C G Cost of Goods Manufactured Statement and Income Statement Helen Reddy Corporation K 3 4 Data Input area 5 For Specific Date For Year 20X1 B (in millions $) (in millions $) 7 8 9 10 11 12 Work in process, Jan 1, 20X1 Direct materials, Dec 31, 20X1 Finished goods, Dec 31, 20X1 Accounts payable, Dec 31, 20X1 Accounts receivable, Jan 1, 20x1 Work in process, Dec 31, 20x1 10 Plant utilities 7 4 Indirect manufacturing labour 23 9 Depreciation-plant, building & equip 8 16 Revenues 667 32 Miscellaneous manufacturing overhead 11 6 13 Finished goods, Jan 1, 20X1 26 Marketing, Distribution, Customer-Service Costs Direct materials purchased 88 64 14 Accounts receivable, Dec 31, 20X1 39 Direct manufacturing labour 75 15 Accounts payable, Jan 1, 20X1 24 Plant supplies used 6 16 Direct materials, Jan 1, 20X1 21 Property taxes on plant 3 17 18 Required: Cost of goods manufactured statement and income statement 19 2) In theory labour cost variable but in practice labour cost is a fixed cost? Explain?